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Yes definitely, it was a very balanced budget with growth as the north star. Long-term infrastructure creation, focus on human capital development, and ensuring a GDP multiplier effect from agri-sector spend and tax rate cuts remained in focus.
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Stocks that were in focus include names like ITC which was up nearly 5%, KPIT Technologies which gained nearly 6%, and Jindal Saw which closed with gains of over 7% to hit a fresh 52-week high on Thursday.
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The dollar has fallen because aggressive interest rate hikes by the U.S. Federal Reserve are no longer expected, whereas other major economies are continuing with bigger rate increases even as inflation has eased.
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On Thursday, Adani Ports fell 6.1%, Adani Power and Adani Wilmar declined 5% each, Adani Transmission, Adani Green Energy and Adani Total Gas dropped 10% each. ACC ended almost unchanged over the previous day and Ambuja Cements jumped 5.3% after the Adani Group clarified that no shares of either of the companies have been pledged by promoters and they have only provided so-called, non-disposal undertakings.
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The most direct action the government can take in that direction is what we have done through capital expenditure. There are possible global headwinds. That is one of the reasons we have chosen to go with a large expansion of capital expenditure so that even if there is an amount of headwind, then with that extra thrust in our engines, we can still keep going, Somanathan said.
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